I listened to the webnar with John.here are some points I took:
Before signing with AE, there were a lot of other interested parties, negotiating with MGM.
1. John asked recent AE resouces table has not included any ounce from JV yet. Mathew mentioned AE visited the site many time and checked the cores many time over 28 months!!! He think when time is right, AE will add JV ounce into their sheet. AE has very strict venting process.
2. John summarized the JV deal. Basically AE threw Jortel and $18M for 50% of the company. As per on the slide, if Jortel still has potential of 05.m ~1.5M ounce. Let us take avergae 1M ounce , 50% @500K ounce @ $200 per underground ounce, that is 100M for 50%. That gives MGM 200M evaluation and 0.6 per share roughly as of now. I figured.
3. Actually now AE controled 56.4% of the company. 50% + 12.8% of MGM's 50%
4. Matthew mentioned they are evaluating other potential projects and when time is right, they want to close the deal.
5. Matthew thinks it is way undervalued, given they will have 60M cash after all warenet excercised and with AE 18M.
6. Lots of potentials by theory. Just needs to prove through drilling and it takes time.
All over all, No matter how much optimistic Matthew talks, hard gold talks. Show the gold and get rewarded. Untill then, we all have are still potentials.
Good Luck.